Objective

The TETON Westwood Equity Fund seeks to provide capital appreciation. The Fund's secondary goal is to produce current income.

Principal Investment Strategies:
Under normal market conditions, the Fund invests at least 80% of its net assets in common stocks and securities which may be converted into common stocks. The Fund invests in a portfolio of seasoned com-panies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years.

In selecting securities, the Sub-Adviser maintains a list of securities which it believes have proven records and potential for above-average earnings growth. It considers purchasing a security on such list if the Sub-Adviser's forecast for growth rates and earning estimates exceeds Wall Street expectations, the issuer of the security has a positive earnings surprise or the Adviser's forecasted price/earnings ratio is less than the forecasted growth rate. The Sub-Adviser closely monitors the issuers and will sell a stock if the Sub-Adviser expects limited future price appreciation, the projected price/earnings ratio exceeds the three-year growth rate and/or the price of the stocks declines 15% in the first 45 days held. The Fund's risk characteristics, such as beta (a measure of volatility), are generally less than those of the S&P 500 Composite Stock Price Index (the "S&P 500 Index"), the Fund's benchmark.

The Fund may appeal to you if:

you are a long-term investor

you seek growth of capital

you seek a fund with a growth orientation as part of your overall investment plan

The fund typically invests in 40-60 companies. By concentrating in a small number of investments, the Fund's risks are increased because each investment has a greater effect in the Fund's performance than a Fund which is more broadly diversified.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com.

The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA.